The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through Global Banking & Markets, Asset & Wealth Management, and Platform Solutions segments. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and relationship lending, and acquisition financing, as well as secured lending, through structured credit and asset-backed lending and involved in financing under securities to resale agreements. This segment also offers client execution activities for cash and derivative instruments; credit and interest rate products; and provision of mortgages, currencies, commodities, and equities related products, as well as underwriting services. The Asset & Wealth Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, and commodities; and provides customized investment advisory solutions, wealth advisory services, personalized financial planning, and private banking services, as well as invests in corporate equity, credit, real estate, and infrastructure assets. The Platform Solutions segment offers credit cards and point-of-sale financing for purchase of goods or services. This segment also provides cash management services, such as deposit-taking and payment solutions for corporate and institutional clients. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York.

Goldman Sachs выглядит качественным, но уже не дешёвым банком-инвестдомом: сильная прибыльность сочетается с заметно завышенными мультипликаторами относительно отрасли. P/E выше медианы на 26.1%, а P/B, P/S и P/FCF — существенно выше отраслевых уровней, что ограничивает потенциал переоценки без ускорения роста прибыли. При этом динамика EPS, чистой прибыли, операционной прибыли и маржинальности за последние периоды остаётся положительной, что подтверждает устойчивость бизнеса и способность генерировать доход. ROE на уровне 13.79% выглядит хорошим и тоже выше медианы, но ROA и ROI заметно слабее отраслевых ориентиров, что указывает на неидеальную эффективность использования активов и капитала. Долговая нагрузка выглядит повышенной: debt/equity существенно выше медианы, а долгосрочный долг остаётся крупным и растёт, что добавляет чувствительности к рыночным и кредитным условиям. Ликвидность по quick ratio формально слабая, хотя для финансовой компании это частично объяснимо структурой баланса; current ratio уже выглядит приемлемо. Дивидендная доходность невысокая и в динамике снижается, поэтому дивидендный фактор не поддерживает высокую оценку акций. Выручка, активы и собственный капитал в целом растут, что говорит о масштабировании и сохранении балансовой устойчивости. Однако рост оценочных мультипликаторов опережает улучшение фундаментальной эффективности, поэтому рынок уже закладывает значительную часть позитивных ожиданий. В такой конфигурации справедливо сохранять осторожность и слегка снизить целевой ориентир, поскольку upside ограничен дорогой оценкой и долговыми рисками. Для инвестора это скорее история качественного, прибыльного и устойчивого бизнеса, чем явной недооценки.

Goldman Sachs Group, Inc. (The)

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Сильный индекс, значительно упал. Медведи в растерянности.

Strong index, significantly down. The bears are confused.

Слабый индекс, значительно вырос. Рынок на стороне быков.

Weak index, significantly up. The market is on the bulls' side.

Слабый индекс, незначительно упал. Рынок не поддерживает медведей.

Weak index, slightly down. The market does not support the bears.

Слабый индекс, незначительно упал

Слабый индекс, незначительно вырос. Приток средств в шорты остается на невысоком уровне.

Weak index, slightly up. The inflow of funds into shorts remains at a low level.

Сильная прибыльность и рост показателей GS компенсируются дорогой оценкой, повышенной долговой нагрузкой и слабой дивидендной поддержкой.

Key Points
Nvidia has been the biggest artificial intelligence (AI) infrastructure winner and continues to be well positioned.
AMD is riding two powerful trends in inference and agentic AI.
Micron continues to benefit from surging memory needs stemming from AI infrastructure.
Spending on artificial intelligence (AI) infrastructure is booming, with related capital expenditure (capex) expected to surpass $700 billion this year. While that is a staggering amount, Goldman Sachs said it doesn't see spending slowing next year, projecting it could reach between $920 billion and $1.4 trillion.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
At $1.25 trillion, that would be about 3% of gross domestic product (GDP), which would still be below some past technology booms, including the U.S. and U.K. railroad build-outs in the late 1800s.
Let's look at three AI stocks to own as infrastructure capex continues to soar.
1. Nvidia
Nvidia (NASDAQ: NVDA) has been the biggest beneficiary of early AI infrastructure spending, and it remains well-positioned to be one of the biggest winners. The stock is also attractively valued, trading at a forward P/E of just 16 times fiscal 2028 (ending January 2028) analyst estimates.
The company has been seeing extraordinary revenue growth, including 85% last quarter, as its graphics processing units (GPUs) remain the primary chip used to train AI models. It still has a wide moat in this area, as most early foundational AI code was written on its CUDA software platform.
Nvidia is also looking to be an important player in inference and agentic AI. Its "acquisition" of Groq gave it language processing units (LPUs), which are ideal for the decode phase of inference, while it has also introduced ARM-based CPUs, which can play a pivotal role in agentic AI.
Overall, Nvidia is set to remain one of the biggest winners from this AI infrastructure spending.
2. AMD
While Advanced Micro Devices (NASDAQ: AMD) lost to Nvidia in AI model training, AMD is much better positioned for the emerging trends of inference and agentic AI. Inference is much less technical than AI model training, and AMD's ROCm software has improved significantly over the past few years, loosening CUDA's stranglehold in this area.
The company's chiplet GPU design can also pack in more memory, which is important because inference constraints are generally memory-related rather than compute power. AMD already has two $100 billion GPU commitments related to inference, which should be a huge growth driver for the company in the coming year.
In addition to its opportunity in inference, AMD is also a leader in data center CPUs. This market is set to see explosive growth with the rise of agentic AI, which needs more CPUs to help manage the sequential reasoning required to power AI agents. As a result, the GPU-to-CPU ratio is expected to shift from 8:1 for training to 1:1 with agentic AI, with AMD predicting this could be a $120 billion market in a few years.
With the company riding two of the biggest trends in AI infrastructure, it looks like a big winner from this increasing spending.
3. Micron
The memory market is booming, especially DRAM (dynamic random access memory), as GPUs and other AI chips need to be packaged with a special type of DRAM called high-bandwidth memory (HBM) to achieve optimal performance. The shift toward inference, which tends to be more memory-bound than compute-bound, only escalates the need for more memory.
As one of the big three DRAM makers, along with Korean companies SK Hynix and Samsung, Micron (NASDAQ: MU) has been riding higher DRAM prices to record revenue, gross margins, and profits.
The entire DRAM market remains undersupplied, and with data center capex expected to continue surging, that dynamic is unlikely to change anytime soon, even as new capacity comes on.
Micron stock is inexpensive, trading at a forward P/E of 9 times fiscal 2027 (ending July 2027) estimates, and with the company starting to sign some longer-term contracts, it should help lessen some of the cyclicality in its business. That makes it a nice stock to own as AI capex continues to soar.
Should you buy stock in Nvidia right now?
Before you buy stock in Nvidia, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nvidia wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $433,268!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,259,391!*
Now, it’s worth noting Stock Advisor’s total average return is 935% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of June 14, 2026.
Geoffrey Seiler has positions in Advanced Micro Devices. The Motley Fool has positions in and recommends Advanced Micro Devices, Micron Technology, and Nvidia. The Motley Fool recommends Arm Holdings. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Goldman Sachs Predicts AI Infrastructure Spending Could Hit More Than $1 Trillion in 2027. 3 AI Stocks to Buy.

Key Points
Alphabet will be both a big AI infrastructure spender and winner.
TSMC is set to benefit from both increased AI capex and more types of chips going into data centers.
ASML is the company that makes AI possible with its EUV machines.
Goldman Sachs recently predicted that artificial intelligence (AI) infrastructure spending could climb to between $920 billion and $1.4 trillion next year, up from the more than $700 billion expected to be spent this year. Those are some huge numbers, and there undoubtedly will be some nice winners in the space.
Let's look at three under-the-radar AI stock winners set to benefit from this surge in data center capital expenditures (capex).
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
1. Alphabet
Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) is set to be both one of the big spenders and winners when it comes to AI infrastructure spending. The company plans to spend between $180 billion and $190 billion this year, with a significant increase in 2027. However, if there is any company that should be pushing up its capex spending, it's Alphabet.
The reason is that the company currently has a significant cost advantage with its tensor processing units (TPUs). By being less reliant on Nvidia's graphics processing units (GPUs) than its competitors, it is getting more bang for its buck with its AI infrastructure spending. This lets it train its Gemini model at significantly lower cost than peers and also save huge costs on inference. In many cases, this can also help provide it with a better return with Google Cloud, which is growing rapidly.
Alphabet's TPUs have become so well regarded that it is now allowing select customers, such as Anthropic, to place orders directly with co-developer partner Broadcom. This adds another high-margin revenue stream for Alphabet. Between this and its TPU cost advantage, this is a stock set to win from surging data center capex.
2. Taiwan Semiconductor Manufacturing
AI chip spending is now not only going up, but it is also widening. That's great news for Taiwan Semiconductor Manufacturing (NYSE: TSM). Whether the spending is going to GPUs, custom application-specific integrated circuits (ASICs) like Alphabet's TPUs, or high-performance central processing units (CPUs), this all benefits TSMC, which has a virtual monopoly in the manufacturing of advanced logic chips.
While chip designers will inevitably look to second source their manufacturing base if possible, right now they are beholden to TSMC, as it is the only foundry that has both the scale and expertise to produce advanced logic chips in mass quantities with high yields (few defects). This has made the company an integral partner with leading chip designers, who must turn to TSMC not only for help securing capacity but also for planning their entire chip roadmaps. As more chip companies fight to secure fab capacity, this benefits TSMC, which has already shown it has strong pricing power. Recent reports indicate the company will raise prices on its newer 3nm chips by 15% later this year.
This all makes TSMC one of the best stocks to own as spending on AI infrastructure continues to ramp.
3. ASML
While TSMC manufactures advanced logic chips, ASML (NASDAQ: ASML) provides the machines that make this possible. In fact, without its technology, there would be no AI infrastructure boom, as it is the only company in the world with extreme ultraviolet (EUV) lithography technology.
EUV machines are what make GPUs and other advanced chips possible, making ASML one of the most important companies, even though it is not a household name.
In addition to being needed in the manufacturing of advanced logic chips, these machines are also used to make high bandwidth memory (HBM), while its older DUV machines can also be used in the memory-making process. Its EUV machines cost upwards of $200 million, so these are pricey pieces of equipment, and the company is seeing robust demand from both foundries like TSMC and the big memory makers.
As AI capex continues to climb, ASML is a great under-the-radar stock to own.
Should you buy stock in Alphabet right now?
Before you buy stock in Alphabet, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Alphabet wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $433,268!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,259,391!*
Now, it’s worth noting Stock Advisor’s total average return is 935% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of June 14, 2026.
Geoffrey Seiler has positions in Alphabet. The Motley Fool has positions in and recommends ASML, Alphabet, Goldman Sachs Group, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

3 Under-the-Radar Ways to Play Goldman's $1 Trillion AI Spending 2027 Forecast

Key Points
Sandisk is soaring amid rising demand for memory hardware.
Shares are still surprisingly fairly valued, but that doesn't mean the company is free from long-term risk.
For technology investors, generative artificial intelligence (AI) has been the gift that just keeps giving. Money continues to pour into the sector as Wall Street and Silicon Valley both race to maximize their exposure to what could be a transformational long-term megatrend.
Sandisk (NASDAQ: SNDK) has been one of this year's biggest winners, with shares up by an eyepopping 600% since January. Let's dig deeper into the pros and cons of the company to decide if it is still a good buy, or if investors should consider taking some profits off the table.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
What is Sandisk, and why is it booming?
While Sandisk is a bit of a household name, it only became publicly available as a stand-alone entity in early February when its parent company, Western Digital, divested ownership. The separation allows each company to focus on its specific niche within the market.
Both companies provide computer memory and storage, but Western Digital specializes in hard disk drives (HDDs), while Sandisk is a leader in solid state drives (SSDs). Unlike HDDs, which use moving parts to store data, SSDs operate with no mechanical components, making them faster, more reliable, and extremely energy-efficient. That last characteristic is crucial for AI data center clients that need to handle massive amounts of information while trying to minimize their costs of operation.
The performance of the two stocks has diverged sharply over the last 12 months. This highlights how SSDs are much better suited to serving the rapidly growing AI infrastructure market.
Business is booming, but what comes next?
Sandisk's incredible stock price growth isn't based on hype alone. The company's fiscal third-quarter revenue soared by an eyewatering 251% year over year to $5.95 million, while gross margins rose 55.9 points to 78.4% -- a number higher than many software companies that don't even sell physical products. The combination of soaring growth and margins has caused operating income to explode by 319% to $4.11 billion.
Investors can expect Sandisk's momentum to continue in the near term because generative AI models continue to get larger and more demanding. Furthermore, hyperscalers remain committed to their data center buildouts, with analysts at Goldman Sachs projecting that total capital spending could reach $1.1 trillion in 2027.
Furthermore, some industry leaders believe memory shortages could last until 2030. If this is true, producers like Sandisk could continue enjoying the elevated margins by keeping prices high.
That said, the medium- to longer-term situation remains much more difficult to predict. It seems hard to believe that big tech companies will continue to spend sums that often exceed their cash flow on what remains a somewhat speculative technology. It could only be a matter of time before shareholders start pressuring management teams to show more restraint. That could eventually deflate the AI bubble.
Sandisk is also exposed to the cyclicality of the memory industry, which tends to experience booms and busts much like a commodity. Previous surges in memory demand (such as the PC boom in the 1990s or the smartphone boom in the 2010s) ended in sharp crashes as supply caught up to demand and prices cratered. Investors shouldn't expect the current AI-driven boom to change this long-established pattern.
Is Sandisk stock still a buy?
While Sandisk will continue to enjoy elevated revenue and profit growth amid the AI data center boom, this won't last forever, and the risks of a correction are starting to rise. Investors who already own the stock should probably consider taking some profits off the table. Investors who missed the big rally should probably look elsewhere for value.
Should you buy stock in Sandisk right now?
Before you buy stock in Sandisk, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Sandisk wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $433,268!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,259,391!*
Now, it’s worth noting Stock Advisor’s total average return is 935% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of June 14, 2026.
Will Ebiefung has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Up 600% in 2026, Is Sandisk Stock Still a Buy?

Key Points
Bitcoin has historically performed best in the fourth quarter, delivering average returns of 77%.
According to online prediction markets, the crypto has a 17% chance of hitting $100,000 in 2026.
For Bitcoin to soar higher in the final months of the year, it may require the AI bubble to pop.
This year is shaping up to be one of the most disappointing ever for investors in Bitcoin (CRYPTO: BTC). The world's top cryptocurrency is down nearly 30% in 2026 and shows no signs of turning around anytime soon. As a result, many investors are now avoiding it entirely.
But that would be a mistake. There are two good reasons Bitcoin could prove its doubters wrong and hit $100,000 by the end of the year.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Bitcoin's quarterly returns
Bitcoin typically saves its best for last. In this context, it means that it typically performs best in the final quarter of the year.
Based on data dating back to 2013, it has delivered average returns of 77% and median returns of 48% in the fourth quarter. That's better than any other quarter of the year, and it's not even close.
So, for the sake of argument, let's assume that Bitcoin continues to meander along in the $60,000 to $70,000 range over the next few months. As long as it can enter the final quarter of the year trading near the higher end of that range, it can easily clear the $100,000 price hurdle with a final year-end push. That gives you an idea of just how explosive the digital coin can be.
Just keep in mind, though, that historical performance is no guarantee of future results. In 2025, Bitcoin uncharacteristically turned in one of its worst fourth quarters ever, falling by 23%. More of the same could be coming in 2026, especially if the highly anticipated initial public offerings from Anthropic and OpenAI siphon investor money and attention away from crypto.
The popping of the AI bubble
The other factor that could lead to blowout gains for Bitcoin in the second half of the year is one that many investors would rather not talk about: the bursting of the artificial intelligence (AI) bubble.
According to longtime crypto investor Arthur Hayes, that might be the only way to stop investors from obsessing over AI while neglecting Bitcoin. If the AI bubble pops, then money could flood into the crypto market once again, Hayes says.
Certainly, it's quite possible that cash-burning AI companies are overvalued right now. According to a Goldman Sachs research report from Oct. 2025, the AI market is showing many of the classic signs of being in a bubble.
And Bitcoin (a.k.a. digital gold) would be a reasonable place to move a lot of those assets in case of an AI downturn.
Only a 17% chance?
Admittedly, Bitcoin's chances of hitting $100,000 this year are relatively small. On the Polymarket prediction market platform, for example, Bitcoin has only a 17% chance of reclaiming the $100,000 price level in 2026. By comparison, it has a 35% chance of falling below $40,000, a 15% chance of falling below $30,000, and a 7% chance of crashing below $20,000. Yikes!
Those are some risky predictions, and maybe it's better simply to invest in AI. But I'll take my chances -- and the betting markets aren't always right. Bitcoin has historically been very cyclical, and it's only a matter of time before it begins to recover. I'm confident that it can get back to the $100,000 price level by the end of the year.
Should you buy stock in Bitcoin right now?
Before you buy stock in Bitcoin, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bitcoin wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $433,268!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,259,391!*
Now, it’s worth noting Stock Advisor’s total average return is 935% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of June 13, 2026.
Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and Goldman Sachs Group. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Prediction: Bitcoin Will Hit $100,000 By the End of 2026

Ahead of this final trading day of the week — which has climbed past Friday’s highs after a tumultuous past few sessions — pre-market futures are up again, following a boffo Thursday that saw major indexes rise between +1.75% (S&P 500) and north of +2.5% (Nasdaq). Currently, the Dow is up +300 additional points, the S&P 500 +30, the Nasdaq +70 and the small-cap Russell 2000 is +13 points higher.
SpaceX to Make History on Its IPO Today
Elon Musk’s SpaceX (SPCX) will not be the first publicly-traded space rocket company — there are Rocket Lab RKLB, EchoStar SATS, AST Spacemobile ASTS and Virgin Galactic SPCE, just to name a few — but it will be the biggest. Currently valued between 1.75-2.00 trillion in market capitalization, today’s IPO is underwritten by Goldman Sachs GS and is expected to raise $75 billion.
The finances get a bit gnarly fairly quickly when we look into this IPO: while more than 555 million shares will be on offer, there is a known lockup period out in mid-August and some two dozen levered ETFs related to SpaceX going public, again just to name a couple examples. This doesn’t even begin to address Musk’s expressed interest for SpaceX to acquire Tesla TSLA, the CEO’s other trillion-dollar corporation.
Without getting too deep into the smoke on the launchpad, suffice it to say this IPO is not guaranteed to blast off and take retail markets with it. Those early investors in the company — SpaceX was founded way back in 2002 — will clearly do great today; they’ve literally had this moment circled on their calendars for years.
Why SpaceX is a long-term winner is crystal clear: with database installation outside the Earth’s atmosphere, and perhaps energy stations and other huge enterprises as well, SpaceX’s utility is vast and forward looking. Its Starlink satellite systems (more than 10K and growing) has already manifest itself as a key cog in global communications. So while the near-term hype may not be worth the navigation to get a piece of this IPO, ultimately SpaceX looks to be nothing short of a staple of the American economy.
What to Expect from the Market Today, Next Week
Follow along with Zacks Strategists Tracey Ryniec and Dave Bartosiak starting at 10am for analysis, insight and documentation of the first trades for SPCX.
Meanwhile, after today’s open, the latest Consumer Sentiment survey from the University of Michigan is expected to improve slightly off May’s all-time low 44.8, but only up to a still-paltry 46.0. A full 57% of respondents last month cited a high cost of living — sparked by high gasoline prices that resulted after the war on Iran led to the closure of the Strait of Hormuz. Politically speaking, Republicans and Independents joined Democrats at these low sentiment levels.
Finally, as last week was Jobs Week and this week addressed Inflation, next week brings us key data on the Housing market. Housing Starts & Building Permits, Home Builder Confidence, and Pending Home Sales will give us a clearer picture of this space, which looks to be rebounding off multi-year lows in recent months.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Tesla, Inc. (TSLA) : Free Stock Analysis Report
Virgin Galactic Holdings, Inc. (SPCE) : Free Stock Analysis Report
AST SpaceMobile, Inc. (ASTS) : Free Stock Analysis Report
Rocket Lab Corporation (RKLB) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

All Eyes on SpaceX IPO Today

Friday, June 12th, 2026
Ahead of this final trading day of the week — which has climbed past Friday’s highs after a tumultuous past few sessions — pre-market futures are up again, following a boffo Thursday that saw major indexes rise between +1.75% (S&P 500) and north of +2.5% (Nasdaq). Currently, the Dow is up +300 additional points, the S&P 500 +30, the Nasdaq +70 and the small-cap Russell 2000 is +13 points higher.
SpaceX to Make History on Its IPO Today
Elon Musk’s SpaceX (SPCX) will not be the first publicly-traded space rocket company — there are Rocket Lab RKLB, EchoStar SATS, AST Spacemobile ASTS and Virgin Galactic SPCE, just to name a few — but it will be the biggest. Currently valued between $1.75-2.00 trillion in market capitalization, today’s IPO is underwritten by Goldman Sachs GS and is expected to raise $75 billion.
The finances get a bit gnarly fairly quickly when we look into this IPO: while more than 555 million shares will be on offer, there is a known lockup period out in mid-August and some two dozen levered ETFs related to SpaceX going public, again just to name a couple examples. This doesn’t even begin to address Musk’s expressed interest for SpaceX to acquire Tesla TSLA, the CEO’s other trillion-dollar corporation.
Without getting too deep into the smoke on the launchpad, suffice it to say this IPO is not guaranteed to blast off and take retail markets with it. Those early investors in the company — SpaceX was founded way back in 2002 — will clearly do great today; they’ve literally had this moment circled on their calendars for years.
Why SpaceX is a long-term winner is crystal clear: with database installation outside the Earth’s atmosphere, and perhaps energy stations and other huge enterprises as well, SpaceX’s utility is vast and forward looking. Its Starlink satellite systems (more than 10K and growing) has already manifest itself as a key cog in global communications. So while the near-term hype may not be worth the navigation to get a piece of this IPO, ultimately SpaceX looks to be nothing short of a staple of the American economy.
What to Expect from the Market Today, Next Week
Follow along with Zacks Strategists Tracey Ryniec and Dave Bartosiak starting at 10am for analysis, insight and documentation of the first trades for SPCX. Tune in on our YouTube channel here for full Zacks coverage.
Meanwhile, after today’s open, the latest Consumer Sentiment survey from the University of Michigan is expected to improve slightly off May’s all-time low 44.8, but only up to a still-paltry 46.0. A full 57% of respondents last month cited a high cost of living — sparked by high gasoline prices that resulted after the war on Iran led to the closure of the Strait of Hormuz. Politically speaking, Republicans and Independents joined Democrats at these low sentiment levels.
Finally, as last week was Jobs Week and this week addressed Inflation, next week brings us key data on the Housing market. Housing Starts & Building Permits, Home Builder Confidence, and Pending Home Sales will give us a clearer picture of this space, which looks to be rebounding off multi-year lows in recent months.
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Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
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Tesla, Inc. (TSLA) : Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

SpaceX IPO Crowds Pre-Market Sentiment

In early trading on Friday, shares of Sherwin-Williams topped the list of the day's best performing Dow Jones Industrial Average components, trading up 1.8%. Year to date, Sherwin-Williams has lost about 0.5% of its value.
And the worst performing Dow component thus far on the day is Salesforce, trading down 2.3%. Salesforce is lower by about 38.6% looking at the year to date performance.
Two other components making moves today are International Business Machines, trading down 2.2%, and Goldman Sachs Group, trading up 1.7% on the day.
VIDEO: Dow Movers: CRM, SHW
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Dow Movers: CRM, SHW

Morgan Stanley MS is keeping the door open for acquisitions as it looks to strengthen its asset and wealth management franchise. However, CEO Ted Pick made it clear that any deal must meet a high strategic bar and align closely with the company’s long-term growth priorities.
Speaking at the bank’s flagship U.S. Financials Conference, Pick said Morgan Stanley is “wide awake” to potential M&A opportunities as the regulatory backdrop becomes more constructive. Wealth management and selected areas of asset management appear to be the most likely targets, particularly where a deal can deepen the company’s U.S. leadership, add tools for advisors or broaden exposure to high-growth areas such as private markets, alternatives, tax optimization and digital assets.
The comments come as Morgan Stanley’s wealth platform gains scale. Pick said the company can now envision $10 trillion in wealth management assets alone, supported by its funnel of E*TRADE, Workplace and roughly 15,000 financial advisors. Workplace remains a key engine, with billions of dollars moving from stock-plan and self-directed channels into advisor-led relationships.
Morgan Stanley has already shown how acquisitions can reshape its business mix. Smith Barney, E*TRADE and Eaton Vance helped shift the company toward more durable fee-based revenues, while bolt-ons such as Solium and EquityZen added capabilities in workplace and private shares.
Still, Pick stressed discipline. M&A in financial services can be difficult, culturally sensitive and distracting. Organic growth remains the priority at the moment. But with excess capital and improving deal conditions, Morgan Stanley has room to act when the right target emerges.
Morgan Stanley’s Peers: M&A as an Expansion Tool
Two close peers of Morgan Stanley are Goldman Sachs GS and JPMorgan JPM.
Goldman is refocusing on core capital markets and wealth management businesses. In sync with this, in April, the company acquired Innovator Capital Management, expanding Goldman’s active ETF capabilities, while in January, it acquired Industry Ventures, broadening exposure to the innovation economy and strengthening the alternatives platform.
JPMorgan has the capital to pursue a major deal, with CEO Jamie Dimon indicating it could deploy up to $20 billion for the right opportunity. Acquisitions in wealth, payments, asset management or fintech could strengthen JPMorgan’s franchise and support new growth, but execution, regulatory and valuation risks make discipline essential.
Morgan Stanley’s Price Performance & Zacks Rank
Shares of Morgan Stanley have gained 19.2% over the past six months compared with the industry’s rally of 1.3%.
Image Source: Zacks Investment Research
At present, Morgan Stanley carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Morgan Stanley Keeps M&A Door Open Amid $10T Wealth Push

Key Points
SpaceX values its total addressable market at $28.5 trillion.
A single division is responsible for $26.5 trillion of that value.
The SpaceX IPO is here. Even after shares are made publicly available, investors should review the company's IPO prospectus more closely. This 370-page document covers everything you need to know about SpaceX's plans.
There are many surprises in SpaceX's IPO prospectus. Right off the bat, the company makes a bold claim.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
"We believe we have identified the largest actionable total addressable market in human history," the SpaceX prospectus declares. "We estimate that our quantifiable TAM is $28.5 trillion."
With an initial valuation target of $1.77 trillion, SpaceX shares look somewhat reasonable, given the total opportunity is estimated at $28.5 trillion. Digging deeper, however, reveals something every SpaceX investor should understand. A single opportunity, it turns out, is responsible for $26.5 trillion of SpaceX's $28.5 trillion total growth potential. If the company fails to execute on this single growth catalyst, the viability of its $1.77 trillion IPO valuation is called into question.
SpaceX CEO Elon Musk is known for his daring bets. Just take a look at Tesla, another Musk-led business. Most people understand Tesla as an EV stock. Most of the company's current $1.2 trillion valuation, however, is arguably tied up in things like AI and autonomous driving, not vehicle manufacturing. If Tesla fails to execute on critical growth opportunities, such as robotaxis and self-driving cars, its lofty valuation could be called into question.
The same is true for SpaceX today. Many people think of the company as a rocket stock. Many others associate the company with its Starlink internet service. Both things are true. But in reality, SpaceX really should be thought of as an AI stock.
Of SpaceX's forecasted TAM of $28.5 trillion, only $370 billion in value is tied up in rockets and space transport solutions. The Starlink opportunity is even bigger at $1.6 trillion. But combined, rockets and Starlink only have a total addressable market of around $2 trillion. That hardly justifies a $1.77 trillion valuation in an IPO.
Where does the rest of SpaceX's gargantuan $28.5 trillion total addressable market come from? A single business segment: artificial intelligence. SpaceX forecasts AI to be a $26.5 trillion opportunity. That value is split across several initiatives: $2.4 trillion for AI infrastructure, $760 billion for consumer subscriptions, $600 billion for digital advertising, and $22.7 trillion for enterprise applications.
Investors should understand that SpaceX's AI business is relatively early stage. Even SpaceX acknowledges this in its IPO prospectus:
Our AI business is in a relatively early stage, it is being integrated into our organization, its business strategy is still developing, and it will require significant capital expenditures to fund compute, infrastructure and power generation, model training, and product development. Additionally, our AI business is subject to challenges inherent in a nascent, highly competitive, capital intensive and rapidly changing industry.
Critically, to capture as much of its total addressable market as possible, SpaceX will need to spend more aggressively than nearly any other business in human history. Investment bank Evercore, for example, sees SpaceX's capital spending reaching $360 billion in 2030, rising to $732 billion by 2031. Accordingly, Goldman Sachs sees companywide free cash flow hitting a negative $105 billion in 2029.
It's difficult to predict how successful SpaceX's AI business will be over the long term. There's simply so much we don't know yet about how the AI economy will take shape. "In short, the outlook is very uncertain," concludes a recent report from Morningstar analyzing the potential of SpaceX's AI division.
What we do know, however, is that a vast majority of SpaceX's IPO proceeds will be spent scaling its AI business. This single division will very likely see massive spending in the years to come, potentially keeping SpaceX's cash flow negative over that time period, forcing it to rely on capital markets to continue raising fresh cash. Optimism about SpaceX's ability to keep raising new capital this decade is critical to evaluating it as an investment.
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Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Evercore, Goldman Sachs Group, and Tesla. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The SpaceX IPO Hinges on This $26.5 Trillion Growth Opportunity

Key Points
The SpaceX IPO reportedly was oversubscribed by two times.
The IPO is allocating up to 30% of the raise to retail investors.
This is a complex IPO, and SpaceX is a complex company, so there's a lot that retail investors should know.
The SpaceX initial public offering (IPO) is nearly here, and there couldn't be more hype. The company has captivated the market as a pioneer of the space economy. It is expected to start trading under the ticker SPCX on the Nasdaq Composite on June 12.
The company's founder and CEO, Elon Musk, also has a cultlike following from the companies he has founded and his status as the richest person in the world, with the potential to become the world's first trillionaire.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
SpaceX is expected to be the largest IPO ever. The company will likely raise at least $75 billion at a valuation of $1.78 trillion. It's a huge day for the market and retail investors, who will get to play an outsize role in the IPO. Here are 12 things they should know.
1. SpaceX has three businesses
Investors should understand SpaceX's three businesses, which have similarities but are also very different.
The first business is the space launch unit, in which SpaceX builds rockets that can transport astronauts into space. The company's special sauce is its ability to reuse rockets, which enables it to launch at a much lower cost than ever before. As of March 31 of this year, it had completed 650 orbital launches.
SpaceX's second unit is connectivity: its Starlink low-Earth-orbit satellite internet business, which provides high-speed internet worldwide, even in areas with limited access to traditional internet infrastructure. The company has achieved this by launching over 10,000 satellites into orbit, aiming to eventually reach over 40,000. Starlink now has over 10 million subscribers.
The third unit is its artificial intelligence (AI) division, which it acquired when the company bought another company Musk owned, xAI, in a deal valued at $250 billion. xAI comprises the social media platform X, Grok intelligence, and several data centers. The unit also plans to develop a huge factory for its Terafab chip manufacturing in partnership with Tesla and Intel.
2. Starlink is the most profitable
Of the three units, Starlink is the most profitable thus far. The unit generated a $4.4 billion operating profit in 2025 and nearly $7.2 billion in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). In the first month of 2026, it generated a $1.2 billion operating profit and nearly $2.1 billion of adjusted EBITDA.
The financial strength makes sense given that Starlink has a subscription model that generates monthly recurring revenue. The company did see monthly average revenue per user (ARPU) decline from $86 in the first quarter of 2025 to $66 in the first quarter of 2026 as it rolled out lower-priced plans internationally.
3. AI has the most potential with a $26.5 trillion total addressable market
While Starlink has performed the best so far, the AI unit has performed the worst. In 2025, it generated an operating loss of roughly $6.4 billion and an adjusted EBITDA loss of $1.2 billion. The unit also had over $20 billion of capital expenditures in 2025 and the first quarter of 2026.
However, Musk has ambitions to put data centers into space, and if the Terafab facility comes to fruition, it would be one step closer to sovereign AI, in which the company has complete control over the AI stack from the intelligence to the chips to the data centers.
SpaceX, in its registration statement, said it believes the company has a total addressable market of $28.5 trillion, which is within shouting distance of the total U.S. gross domestic product. Of that number, $26.5 trillion is attributed to the AI unit, largely due to enterprise applications, which seem to broadly encompass AI solutions for consumers, businesses, and governments.
4. Goldman has reportedly said AI could multiply revenue by a factor of 100 by 2030
AI has so much potential that investment bankers at Goldman Sachs, one of the lead underwriters on the IPO, supposedly told prospective investors during SpaceX's road show that the AI unit is projected to grow revenue 100-fold by 2030.
Citing anonymous sources, the Financial Times reported that Goldman expects the AI unit to grow revenue from $3.2 billion in 2025 to $322 billion by 2030. Collectively, Goldman projects that SpaceX's revenue would grow from $18.7 billion in 2025 to $474 billion in 2030.
If that were true, investors would be buying SpaceX at slightly under four times 2030 revenue, which sounds a lot better than 96 times 2025 revenue.
5. SpaceX has begun to flex its muscles in its AI division
While Goldman's projection sounds outlandish, SpaceX has begun to show just how quickly it can ramp up revenue. In its prospectus, management unveiled a deal with Anthropic in which it will rent computing capacity in its data centers to Anthropic for $1.25 billion per month over the next three years.
More recently, SpaceX announced a deal with Alphabet's Google to lease computing capacity for $920 million per month. Combined with the Anthropic deal, that's already $2.2 billion per month, or over $26 billion per year.
Keep in mind that the deals aren't binding. Google can cancel the agreement with 90 days' notice starting in 2027, but this shows the potential power of the AI unit.
SpaceX has over 1 gigawatt of computing capacity, so it would likely need to build new data centers to keep scaling up. It's also unclear if its capacity will be this constrained forever, but Musk and the company have broad ambitions to launch data centers into space.
6. Musk will have unprecedented control
Prospective investors would be wise to make sure they like Musk at the helm of the company, because he'll be virtually impossible to remove as CEO. Largely through Class B super-voting shares, Musk controls over 85% of the company's combined voting power. After the IPO, he'll still control 82%.
7. The IPO is reportedly oversubscribed by twofold
Citing anonymous sources, Reuters recently reported that SpaceX's road show has been a success, with the IPO running two times oversubscribed, meaning there is $150 billion of investor demand.
In addition to its $75 billion raise, the underwriters have the option to purchase another $11.7 billion in shares. While it sounds great, being over two times subscribed on a popular IPO is not actually uncommon or that impressive.
However, considering it raised more than double that of Saudi Arabian Oil's IPO, the largest one until SpaceX, it certainly seems impressive, given the amount of capital being raised.
8. SpaceX is setting aside 30% of the IPO for retail investors
In another unprecedented move, SpaceX is allocating as much as 30% of the IPO to retail investors, who have previously been big fans of Musk and Tesla. Normally, companies will only allocate 5% to 10% to retail.
Investors will be able to request shares on five major brokerages, according to Barron's, including Robinhood, SoFi, Charles Schwab, Fidelity, and Morgan Stanley's E*TRADE.
The ability for so many retail investors to get shares is exciting, but it could also make the stock more volatile, so they should be prepared for that.
9. The stock will be in most major market indexes within weeks of trading
Due to SpaceX's size, most market indexes have implemented new fast-track entry rules and waived profitability requirements to allow the company to join quickly.
Jacob Friedman, an investment manager at Focused Wealth Management, said the stock could be in nearly every major U.S. equity index within about three weeks of trading, according to MarketWatch. That means that every index fund and exchange-traded fund tracking these indexes must buy the stock.
It also means these funds are going to absorb a considerable amount of the shares sold in the IPO early, which could support the stock and take it high in the early weeks of trading.
10. It will have to wait to join the S&P 500
The broader benchmark S&P 500 index considered adopting new rules to fast-track SpaceX's entry, but ultimately chose not to pass them, meaning it will not be able to join the index until one year after it begins trading. The company will also have to be profitable.
11. Experts expect SpaceX to suck up liquidity from the market
While there seems to be strong demand for the IPO, at least given its size, all the flows into SpaceX may come from outflows from other names. With so much potentially going into retail portfolios, it's possible this cohort sells other stocks to make room for the IPO. This could put pressure on the market.
"Selling flows in recent winners and levered products from retail to invest in SpaceX could be very large," Greg Boutle, head of U.S. equity derivative strategy at BNP Paribas, said in a recent research note, according to Fortune.
Boutle projects that retail and passive investors could unload $50 billion of other stocks to raise capital for SpaceX.
12. Insiders and company employees have a staggered lockup period
Lockup provisions prevent company insiders with a large stake in the company -- as well as employees with shares -- from selling their shares immediately after a company goes public. The standard lockup policy is about 180 days.
However, SpaceX has a staggered lockup policy. On the day of trading after SpaceX reports its earnings results for the quarter ended June 30, those subject to the lockup period will be able to sell 20% of their shares. Another 10% can be sold if the stock is up at least 30% from the IPO price.
After that, insiders and employees will be able to sell an additional 7% of their shares on the 70th, 90th, 105th, 120th, and 135th days after the IPO. All shares will be eligible for sale 180 days after the IPO. The lockup does not apply to Musk, who must wait one year to sell any of his stock.
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Charles Schwab is an advertising partner of Motley Fool Money. Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Goldman Sachs Group, Intel, and Tesla. The Motley Fool recommends Charles Schwab and recommends the following options: short June 2026 $97.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Goldman Sachs Group, Inc. (The)

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